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World Wide Group has paid $103M for a 130-unit rental property called the Viridian in Greenpoint, the biggest residential deal in the history of the neighborhood.
World Wide bought the six-story, 185k SF building at 110 Green St last week from Meadow Partners, paying roughly $550 per SF, The Real Deal reports.
The sale is the first residential deal in Greenpoint to break $100M.
The site’s recent history goes back to 2007, when developer Joel Schwartz broke ground on a planned condominium tower that quickly fell through. In 2010, the property was purchased for $58.2M by a group of Brooklyn investors, including Joseph Brunner, Chaim Gross and Martin Friedman.
They then sold it to Meadow in 2013 for $72M, in what was then Greenpoint’s largest residential deal. Meadow fixed up the site and raised rents from $3,400 to $4k a month, renovating the common areas and adding a roof deck, before making the sale to World Wide. [TRD]
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